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A U.K. regulator, the Financial Conduct Authority (FCA), has approved the depositary “lite” service offering of SS&C’s GlobeOp unit, officials say. The recently launched service targets those covered by the Alternative Investment Fund Manager Directive (AIFMD) requirements.
AIFMD, which took effect in July 2013, requires firms to file formatted reports with their respective member state supervisory authorities. The reports are complex and encompass strategy, exposure and related details about fund managers and funds. Consultants and others anticipate that AIFMD will serve as a catalyst for fund managers to renovate their operations.
The new SS&C service will help managers comply with the depositary-lite aspects of the AIFMD mandate, including functions for asset verification, cash flow monitoring and oversight services.
“We have been operating as a depositary ‘lite’ under the transitional provision for a number of months and we are delighted to now receive our full authorization,” says Des Pierce, senior director, SS&C GlobeOp.
SS&C GlobeOp will provide its depositary-lite services via GlobeOp Markets Ltd., a wholly owned subsidiary of SS&C.
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